Types of Economic Systems. Communist In a communist country, the government owns property such as businesses and farms.

• Slide 1

Types of Economic Systems Slide 2 Communist Slide 3 In a communist country, the government owns property such as businesses and farms. Slide 4 Communist In a communist country, the government owns property such as businesses and farms. It provides its people's healthcare, education and welfare. Slide 5 Socialist Slide 6 Much like communist except some businesses are owned by individuals. Slide 7 Socialist Much like communist except some businesses are owned by individuals. Examples: restaurants, heating and air, large superstores, etc. are owned by individuals. Slide 8 Socialist Much like communist except some businesses are owned by individuals. Examples: restaurants, heating and air, large superstores, etc. are owned by individuals. Businesses such as healthcare, welfare, etc are run by the government. Slide 9 Capitalist Slide 10 In a capitalist or free-market country, people can own their own businesses and property. People can also buy services for private use, such as healthcare. Slide 11 Capitalist In a capitalist or free-market country, people can own their own businesses and property. People can also buy services for private use, such as healthcare. But most capitalist governments also provide their own education, health and welfare services. Slide 12 Slide 13 United Kingdom Slide 14 Industrialization helped the U.K. grow. Slide 15 United Kingdom Industrialization helped the U.K. grow. In the twentieth century other nations industrialized. Slide 16 United Kingdom Industrialization helped the U.K. grow. In the twentieth century other nations industrialized. Two world wars weakened the economy of the United Kingdom. Slide 17 United Kingdom Today, the United Kingdom has fallen behind the worlds strongest economiesthose of the United States, Japan, and Germany. Slide 18 United Kingdom Today, the United Kingdom has fallen behind the worlds strongest economiesthose of the United States, Japan, and Germany. The United Kingdom ranks fifth among the worlds top 40 industrial powers. Slide 19 United Kingdom Mixed Economy: Slide 20 United Kingdom Mixed Economy: combines a few state-owned businesses with private enterprise. Slide 21 United Kingdom Mixed Economy: combines a few state-owned businesses with private enterprise. Shortly after World War II ended in 1945, the Labour Party was voted into office. Slide 22 United Kingdom Mixed Economy: combines a few state-owned businesses with private enterprise. Shortly after World War II ended in 1945, the Labour Party was voted into office. The new government quickly claimed ownership of the nations key industriesrailways, steel plants, and health care. Slide 23 Ireland Slide 24 Ireland does not have resources for much large-scale agriculture or industry. Slide 25 Ireland Ireland does not have resources for much large-scale agriculture or industry. Production of field crops is limited by heavy rains that keep the soil too wet to grow much except potatoes. Slide 26 Ireland Ireland does not have resources for much large-scale agriculture or industry. Production of field crops is limited by heavy rains that keep the soil too wet to grow much except potatoes. few mineral resources. Slide 27 Ireland Cattle, sheep, and horses thrive on the pasturelands. Slide 28 Ireland Cattle, sheep, and horses thrive on the pasturelands. Seafood comes from ocean waters surrounding the island. Slide 29 Ireland Cattle, sheep, and horses thrive on the pasturelands. Seafood comes from ocean waters surrounding the island. Families or small businesses usually operate cattle farms and fishing boats. Slide 30 Improving Irelands Economy Slide 31 Market improved after Ireland joined the European Union. Slide 32 Improving Irelands Economy Market improved after Ireland joined the European Union. Ireland recruited foreign industries with offers of low taxes. Slide 33 Improving Irelands Economy Market improved after Ireland joined the European Union. Ireland recruited foreign industries with offers of low taxes. Companies responded by moving hundreds of factories to Ireland. Slide 34 Improving Irelands Economy Market improved after Ireland joined the European Union. Ireland recruited foreign industries with offers of low taxes. Companies responded by moving hundreds of factories to Ireland. They import raw materials, turn the materials into finished products, and sell them in Europe. Slide 35 Improving Irelands economy Now Ireland is also a world leader in computer software. Slide 36 Improving Irelands economy Now Ireland is also a world leader in computer software. Thousands of new jobs have been created in the high- tech fields. Slide 37 Improving Irelands economy Now Ireland is also a world leader in computer software. Thousands of new jobs have been created in the high- tech fields. Irelands population is growing again. Slide 38 Population Map Slide 39 Nordic Region Slide 40 In Nordic countries, service industries make up about 70 percent of each countrys economy. Slide 41 Nordic Region In Nordic countries, service industries make up about 70 percent of each countrys economy. Education, health care, government administration, transportation, banking, or trade, tourism. Slide 42 Finland Slide 43 Timber is Finlands most abundant raw material. It is made into furniture, paper, and plywood. Slide 44 Finland Timber is Finlands most abundant raw material. It is made into furniture, paper, and plywood. Skilled labor and business management have built profitable industries in a nation with few resources. Slide 45 Finland Timber is Finlands most abundant raw material. It is made into furniture, paper, and plywood. Skilled labor and business management have built profitable industries in a nation with few resources. Farm machinery, electric motors, generators, and machinery for paper and lumber industries. Slide 46 Finland Finlands shipbuilders make high-quality icebreakers and ferries. Slide 47 Finland Finlands shipbuilders make high-quality icebreakers and ferries. The most well known Finnish company is Nokia, the worlds largest manufacturer of mobile phones. Slide 48 Norway Slide 49 Norwegian oil pumped from the North Sea is the source of many petroleum products. Slide 50 Norway Norwegian oil pumped from the North Sea is the source of many petroleum products. Norway manufactures fuel oil, rubber, and plastics. Slide 51 Norway Norwegian oil pumped from the North Sea is the source of many petroleum products. Norway manufactures fuel oil, rubber, and plastics. The country also produces clothing, electrical machinery, and furniture. Slide 52 Norway Norwegian oil pumped from the North Sea is the source of many petroleum products. Norway manufactures fuel oil, rubber, and plastics. The country also produces clothing, electrical machinery, and furniture. Norway is one of the worlds largest processors of aluminum, a metal that requires large amounts of electricity to manufacture. Slide 53 Norway The Norwegian fishing industry is large and operates in all oceans. Slide 54 Norway The Norwegian fishing industry is large and operates in all oceans. Another major ocean-based industry is the Norwegian merchant marine. Slide 55 Norway The Norwegian fishing industry is large and operates in all oceans. Another major ocean-based industry is the Norwegian merchant marine. Ships from this fleet carry freight from other nations throughout the world. Slide 56 Iceland Slide 57 Icelands most important industry is fish processing. Slide 58 Iceland Icelands most important industry is fish processing. The country also produces aluminum, cement, clothing, and electrical equipment. Slide 59 Iceland Icelands most important industry is fish processing. The country also produces aluminum, cement, clothing, and electrical equipment. Icelands underground supply of geothermal energy may soon encourage greater industrial development.